Northern Trust issues $1.25B in senior and subordinated notes

NORTHERN TRUST CORP

Issued $500M 4.150% Senior Notes due 2030; unsecured, senior ranking.
Issued $750M 5.117% Fixed-to-Fixed Rate Subordinated Notes due 2040.
Subordinated notes: 5.117% fixed to Nov 2035, then reset to 5yr UST +105bps.
Underwriters: BofA, Citi, JPMorgan, Siebert Williams Shank; shelf registration used.
Proceeds for general corporate purposes; no material change to existing debt profile.

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